HomeMy WebLinkAboutRES 85-150 R E S O L U T I O N
WHEREAS, the City has contracted with First City National
Bank of Beaumont as the City' s depository bank and with Spindletop
Savings and Loan as a depository for investment purposes; and,
WHEREAS, First City National Bank of Beaumont, Texas
wishes to release the following securities from the Federal Reserve
Bank of Dallas, Texas:
RECEIPT NO. DESCRIPTION PAR VALUE
U.S . Treasury Note, 9 .875%; due $5,000, 000.00
5/31/85
and,
WHEREAS, First City National Bank of Beaumont, Texas
wishes to pledge the following security with the Federal Reserve
Bank of Dallas-Houston Branch:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Note, 9 .75%; due 4/30/87 $2,000,000.00
and,
WHEREAS, Parkdale Bank of Beaumont, Texas wishes to pledge
the following securities with the First City National Bank of
Houston, Texas:
RECEIPT NO. DESCRIPTION PAR VALUE
Federal National Mortgage $ 200,000.00
Associated Certificates, 7 1/2%;
due 10/13/87
Southeast Texas Hospital 200,000.00
Municipals, 7 .70%; due 11/15/85
City of Beaumont General 100,000 .00
Obligation Bond, 10 1/4%;
due 9/1/95
and,
WHEREAS, Spindletop Savings & Loan wishes to pledge the
following security with First City National Bank of Beaumont:
RECEIPT NO. DESCRIPTION PAR VALUE
001768BD GNMA Mortgage Backed Certificate, $ 904,917 . 51
12% ; due 1/15/2013; Pool #58345
and,
WHEREAS, Allied Bank wishes to pledge the following
security with Allied Bank of Houston, Texas:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Notes, 10.875%; $1 ,000,000
due 2/28/86
and,
WHEREAS, MBank of Beaumont, Texas wishes to pledge the
following security with MBank of Houston, Texas:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Notes, 10.75%; $ 250,000.00
due 3/31/87
Federal Land Bank Bonds, 8 .8%; 300,000 .00
due 10/21/85
and,
WHEREAS, Texas Commerce Bank of Beaumont wishes to pledge
the following security with the Federal Reserve Bank of Dallas-
Houston Branch:
RECEIPT NO. DESCRIPTION PAR VALUE
U. S. Treasury Notes, 9 5/8%; $1 ,500,000.00
due 8/15/85
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NOW, THEREFORE, BE IT RESOLVED BY THE
CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT First City National Bank of Beaumont, Texas be permitted to
release and pledge the above-described securities and a certified
copy of this resolution shall constitute evidence of the authority
of First City National Bank of Beaumont, Texas to make said
release and pledge.
BE IT FURTHER RESOLVED THAT the pledges of Spindletop
Savings & Loan, Parkdale Bank , Allied Bank , MBank and Texas Commerce
Bank are hereby approved.
PASSED BY THE CITY COUNCIL of the City of Beaumont this
the / day of , 1985.
Mayor -
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